Malmö, Sweden-based Occtoo, a SaaS-based Experience Data Platform (SaaS) that helps digital teams to build digital experiences and apps faster, announced on Wednesday, November 23, that it has raised €4.6M in a fresh round of funding. In total, the company has raised €6.7M to date.
The investment was led by Amsterdam-based Newion, with continued participation from Munich-based 42CAP and Stockholm-based Industrifonden.
Occtoo says it will use the funds to accelerate expansion, further grow its partner network and develop its product.
Occtoo: The Experience Data Platform
According to Gartner, it predicts that by 2023, 60 per cent of companies seek composability in their tech investments to gain speed and agility. This is where Occtoo comes into play.
Founded in 2019 by Niclas Mollin, Jimmy Ekbäck and Daniel Brdarski, the startup gives businesses the ability to link all of the data, content, and APIs from all systems in a low-code user interface. According to the company, this helps the digital teams work independently with the data without having to spend the majority of their time and resources on data integration. They can quickly mix context, content, and customer data with the data at their fingertips to provide their custom apps meaning and relevance, orchestrating all digital experiences from a single location.
With its Experience Data Platform, a new digital experience/application can be launched within days and can easily be scaled globally, claims Occtoo.
Niclas Mollin, CEO at Occtoo, says, “Investing in MACH/Composable systems has traditionally been reserved for tech-savvy organisations. With our Experience Data Platform we make that setup available for more companies, and more teams in the organisation, that also wants to reap the benefits of a composable approach but don’t have a developer-heavy organisation. We remove that complexity and take Composable from a developer heavy approach to a business user first approach. It is something totally new and puts the digital team in the driver’s seat instead of having to lean on the IT organisation to stitch everything together for them.”
Occtoo’s solution has become popular among upper mid-market and enterprise-sized retailers with a need to support their omnichannel sales strategies such as Cartier, Intersport and Nordic Nest. The company is remote-first with 45 team members in 13 countries.
Brief about the investors
Founded in 2000, Newion is a fund manager that specialises in European B2B software startups and scale-ups with global ambitions. Newion has backed more than 60 startups, including Collibra, Foleon, CustomerGauge, L1NDA, Swipeguide, Deliverect, and APICBASE, among others.
42CAP is a team of former entrepreneurs who are now investors. They previously established two of the biggest B2B software firms in Europe with Hybris and eCircle, leading to $1.6B cash exits to SAP and Teradata, respectively. Their investment strategy, which supports data- and technology-driven company models, founders that are product-focused, and sustainable venture growth, reflects the 42CAP ethos Peers among Entrepreneurs. Founder figures including Nicolas Reboud (SHINE, Paris), Kristjan Vilosius (Katana, Tallinn), Gregor Stühler (scoutbee, Würzburg), Ben Askew (Packlink, Madrid), Konstantin Mehl (Kaia Health, Munich), and Alex Igelsböck (Adverity, Vienna).
Industrifonden is a Nordic venture capital investor. The firm backs “breakthrough” technologies and science-based innovation – the Industry of Tomorrow. Its portfolio includes companies like Funnel, Oatly and Nextory.
